Guideline Value for Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street

Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street guideline value

The current guideline value of Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street has changed

The guideline value for Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register does not have figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is equal to the current value of Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street.

• Annai Velankanni Nagar Extn: Rs 2,200 per sq.ft (2024)
• Annai Velankanni Nagar/Mahalakshmi Nagar Extension: Rs 2,750 per sq.ft (2024)
• Annai Velankanni Nagar: Rs 2,200 per sq.ft (2024)
• Annai Theresa Nagar Phase III: Rs 2,200 per sq.ft (2024)
• Annai Theresa Nagar Phase II Extn: Rs 2,200 per sq.ft (2024)
• Annai Theresa Nagar Phase II 15th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street?

The Sub Registrar Office that covers Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable duties, ensuring that the transaction is recorded at a fair value. This helps maintain transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street?

The current guideline value of Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office is responsible for this street?

The Velacheri Sub Registrar Office is responsible for Annai Velankanni Nagar/Mahalakshmi Nagar 4th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the property is registered at a fair value, contributing to transparency in the real estate market.